Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) Major Shareholder Sells 484,619 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) major shareholder Sicpower, Llc sold 484,619 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $6.72, for a total transaction of $3,256,639.68. Following the sale, the insider now owns 24,390,042 shares of the company's stock, valued at approximately $163,901,082.24. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Sicpower, Llc also recently made the following trade(s):

• On Wednesday, May 28th, Sicpower, Llc sold 8,500 shares of Navitas Semiconductor stock. The stock was sold at an average price of $6.53, for a total transaction of $55,505.00.

Navitas Semiconductor Stock Performance

NASDAQ:NVTS traded up $0.42 during mid-day trading on Tuesday, reaching $5.94. 92,856,260 shares of the company's stock were exchanged, compared to its average volume of 8,222,039. Navitas Semiconductor Co. has a one year low of $1.52 and a one year high of $7.53. The firm has a market capitalization of $1.14 billion, a PE ratio of -14.14 and a beta of 2.24. The business's fifty day simple moving average is $2.53 and its two-hundred day simple moving average is $2.85.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The firm had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same period last year, the firm earned ($0.06) EPS. The business's quarterly revenue was down 39.7% compared to the same quarter last year. As a group, equities research analysts forecast that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. Bank of America Corp DE boosted its position in Navitas Semiconductor by 180.5% during the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock worth $4,407,000 after buying an additional 794,371 shares during the period. Invesco Ltd. boosted its position in Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after buying an additional 331,832 shares during the period. Nuveen LLC acquired a new stake in Navitas Semiconductor during the 1st quarter worth approximately $675,000. Susquehanna Fundamental Investments LLC acquired a new stake in Navitas Semiconductor during the 4th quarter worth approximately $1,170,000. Finally, SCS Capital Management LLC acquired a new stake in Navitas Semiconductor during the 1st quarter worth approximately $567,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NVTS shares. Robert W. Baird cut their target price on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Needham & Company LLC lowered their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities raised their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.